Scotiabank Chooses Fenergo Onboarding System

The client data software provider's onboarding system uses a rules-driven process to classify Scotiabank clients affected by European Market Infrastructure Regulation, the US Dodd-Frank Act and the Foreign Account Tax Compliance Act Client data software provider Fenergo has implemented an onboarding system for the global banking and markets division of Scotiabank, which classifies the bank's new and existing clients according to the requirements of regulations, including the European Market Infrastructure Regulation (EMIR), the US Dodd-Frank Act and the Foreign Account Tax Compliance Act (Fatca).

The client data software provider's onboarding system uses a rules-driven process to classify Scotiabank clients affected by European Market Infrastructure Regulation, the US Dodd-Frank Act and the Foreign Account Tax Compliance Act

Client data software provider Fenergo has implemented an onboarding system for the global banking and markets division of Scotiabank, which classifies the bank's new and existing clients according to the requirements of regulations, including the European Market Infrastructure Regulation (EMIR), the US Dodd-Frank Act and the Foreign Account Tax Compliance Act (Fatca).

The onboarding system is based on a rules-driven compliance process and is intended to help automate and standardize regulatory onboarding processes, data and documentation at the bank.

The business rules consider factors such as the country of incorporation of an entity and the products in which it invests. Sub-rules for individual regulations mean entities can be classified as, for example, major or minor swap participants, according to the definitions of the Dodd-Frank Act. The system supports know-your-customer (KYC) and anti-money-laundering (AML) processes in the same way.

Fenergo has already used the onboarding system to classify existing Scotiabank clients that are in scope for EMIR, the Dodd-Frank Act and Fatca, and to consolidated client data the bank held in bespoke solutions and spreadsheets.

"We were able to do a migration exercise, but we did it slightly differently," says Dan Murphy, Fenergo's Dublin-based chief operating officer. "We used the staging version of the application that allowed for the migration of data into that staging area and also a clean-up of that data as part of the migration. So for example, we identified duplicate counterparties and we consolidated the information into a single counterparty. KYC documentation, AML documentation, beneficial ownership classifications and Fatca classifications had sometimes been scanned in as one PDF document. So those documents were then subsequently broken out into individual classifications and attached in a document management system as being the correct documents associated with the correct legal elements."

Scotiabank is Fenergo's fourth client in North America, where the company has been expanding its presence and client base in recent months. Fenergo's other clients include Lloyds Banking Group, Rabobank and RBS.

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Scotiabank Chooses Fenergo Onboarding System

The client data software provider's onboarding system uses a rules-driven process to classify Scotiabank clients affected by European Market Infrastructure Regulation, the US Dodd-Frank Act and the Foreign Account Tax Compliance Act Client data software provider Fenergo has implemented an onboarding system for the global banking and markets division of Scotiabank, which classifies the bank's new and existing clients according to the requirements of regulations, including the European Market Infrastructure Regulation (EMIR), the US Dodd-Frank Act and the Foreign Account Tax Compliance Act (Fatca).

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